breaks

Ringgit opens flat against US dollar

ringgit-opens-flat-against-us-dollar

KUALA LUMPUR,. The ringgit opened flat against the US dollar today amid optimism over the US employment data and firmer oil prices.

At 9am, the local currency was trading at 4.2130/2160 against the greenback from 4.2130/2150 at yesterday’s close.

ActivTrades trader Dyogenes Rodrigues Diniz said the steady US dollar was attributed to the US Initial Jobless Claims data, which came in higher than expected at 207,000 versus the forecast of 197,000, reflecting investors’ confidence on the back of the release of the ADP Non-Farm Employment Change number on Wednesday.

“The picture painted by this data is that of a strong economic recovery in the US job market and this is expected to be confirmed by the US Non-Farm Payroll, to be released later today,” he told Bernama.

From a technical standpoint, Diniz said the ringgit-US dollar is likely to test the 4.24 level in the next few days.

Meanwhile, oil prices, which lent some support to the ringgit, advanced on Thursday amid lower production from the Organisation of Petroleum Exporting Countries (Opec), adding just 90,000 barrels a days in a survey for December.

Besides, investors are also concern of the limited production following a state of emergency in Kazakhstan, a major oil producer, following protests on the increase of fuel prices.

The ringgit also traded mixed against a basket of other major currencies.

It depreciated versus the Singapore dollar to 3.0960/0986 from yesterday’s close of 3.0948/0965 but increased against the Japanese yen to 3.6335/6364 from 3.6390/6415.

The local currency eased vis-a-vis the British pound to 5.7040/7080 from 5.6867/6903 yesterday but rose against the euro to 4.7594/7628 from 4.7620/7646. ― Bernama

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